"Black Tuesday" - October 29th, 1929
The Stock Market Crash
This is the point where the "Roaring Twenties" ends and the Great Depression begins
The Stock Market was popular with many people in the 20's.
In August of 1929 a few people began selling off their stocks. This trend continued in September and by October people began to panic. Now everyone was selling and stock prices tumbled.
People who had bought on margin were now asked to pay what they owed back with a margin call. Many couldn't pay their debts and sold other stocks to pay off their debts.
By the end of 1929 somewhere around 15 billion dollars was lost in the Stock Market.
People lost everything overnight.
Ultimately many banks began to fail and closed their doors as many banks had invested heavily in the Stock Market.
People lost confidence in the Market, the banks and in the economy in general.
The Stock Market Crash